Q3 2026 NCC Ltd Earnings Call Transcript
Key Points
- NCC Ltd (BOM:500294) reported a consolidated order book of INR79,571 crore as of December 31, 2025, indicating strong order inflow and medium-term visibility.
- The company maintained a resilient EBITDA margin of approximately 9% despite a moderation in revenue, showcasing operational discipline and cost rationalization.
- Order book diversification across segments such as Buildings, Transportation, Electrical T&D, Mining, Water & Railway, and Irrigation provides resilience against short-term volatility.
- NCC Ltd (BOM:500294) received fresh order inflows of INR12,430 crore during Q3 FY26, supporting future growth prospects.
- The company has started receiving payments for the Jal Jeevan Mission (JJM) projects, with INR560 crore received, indicating potential improvement in cash flow and execution momentum.
- Consolidated revenue for Q3 FY26 decreased to INR4,900 crore from INR5,383 crore in the corresponding quarter of the previous year, reflecting a 9% decline.
- The company's debt increased by INR865 crore in Q3 FY26, raising concerns about financial leverage and interest obligations.
- Working capital days increased to 119 days, indicating potential inefficiencies in cash conversion and operational challenges.
- The company withdrew its FY26 guidance due to uncertainties in project execution and payment delays, signaling a lack of confidence in meeting previous targets.
- Execution challenges persist, particularly with the Jal Jeevan Mission projects, where execution was limited to INR82 crore in the quarter, impacting overall performance.
Ladies and gentlemen, good day, and welcome to the NCC Limited Q3 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial. Thank you, and over to you, sir.
Thank you, Shri. On behalf of JM Financial, I welcome everybody to Q3 FY26 earnings conference call of NCC Limited. We have from the management, Shri R.S. Raju, Director of Projects; Shri Sanjay Pusarla, Executive Vice President, Finance and Accounts; and Shri Neerad Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for their opening remarks, followed by Q&A session.
Over to you, sir.
Good morning, everyone, and thank you for joining us today. This is Neerad, and I welcome you to our earnings call for the third quarter of FY26. And thank you for your continued
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